Genius Psychological Pricing Hacks to Increase Your Freelance Rate

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Genius Psychological Pricing Hacks to Increase
Your Freelance Rate
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Have you ever watched a parent negotiate with
their kid over something? While you might
disagree with the idea of negotiating with a
small terrorist (trust me, thats how it feels
every once in awhile), the reality is that
sometimes its either that, or enduring
ear-splitting screams in a situation that you
simply cant get out of.   My favorite
negotiation tactic is to present options that
satisfy me, with one of them being slightly more
appealing than the other. For example Hey,
kiddo! Heres the deal. You cant have three
pounds of ice cream. You can, however, either
have some strawberry yogurt or some carrots.
Whats it going to be? If the kids aiming for
ice cream, theres a good chance the (still
sugary but more healthy) yogurt will win this
one and if it doesnt? Then I just got my kid to
eat a carrot. Boom. You can use the same tactics
with potential clients. Its called Psychological
Pricing.
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Now, Im not saying your clients are children,
Im simply saying there are subtle tactics you
can use to convince them to buy your wares and
services. So, pull up a long couch and tell me
something deep and poignant about your childhood.
Lets get psychological. Kidding. Obviously.
Lets talk pricing psychology. Be honest. Youre
not trying to swindle people. Before we talk too
much about price anchoring and analytical
purchases, I want to make things very
clear Psychological pricing can score clients,
but you have to be honest about prices and
services. CLICK TO TWEET Openly communicating
throughout the entire onboarding process will
eliminate any surprises and consequential hard
feelings. Focus on the VALUE of your services
and products.
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This is the golden rule of pricing psychology. It
doesnt matter what your numbers are, if you
cant communicate the value of what you offer,
the numbers will be the only thing potential
clients care about. Similar to an elevator
pitch, your product descriptions, meetings with
potential clients, and any initial customer
service encounters need to effectively
communicate how your service or product will
enrich the lives of the user. Doing this quickly
and efficiently is a good way to distract the
client from price long enough to plant a seed of
high quality in their minds. Something that many
business owners value more than anything is time.
If your product can save someone time and provide
convenience, focusing on that will be more
effective than heading straight to the price
discussion. Follow through on that value for
client retention. The last thing you want your
client to experience is buyers remorse. You
dont want to put in weeks of work, only for the
client to balk when it comes time for payment.
Make sure your customer service is friendly,
responsive, and designed to keep your clients
happy for many projects to come. Remember,
though, youve got to set communication
boundaries that protect your work and personal
time.
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Determine what kind of service or product youre
offering. Focusing and delivering quality are
tactics that double as good business sense in
general but were going to move on to some
seemingly tiny, nit-picky moves that have been
proven to turn potential clients into actual
clients. First, youll need to identify whether
your service or product is considered an
emotional or analytical purchase. Emotional
purchases can sometimes be considered luxury
purchases Anything that might seem decorative or
not necessary for basic function. Analytical
purchases are usually structural,
seemingly-integral purchases. Believe it or not,
people react differently to prices based
on purchasing reasons. Look at the numbers.
Like, actually look at them. Rounded
Numbers Studies have shown that, in an emotional
purchase, rounded numbers (numbers without cents
tagged on to the end) are ideal. Youve made an
emotional or impulse purchase before, right? In
those instances, the last thing you want to do is
think about the consequences, and the more your
brain has to work, the more time you have to use
reasoning. This is why removing cents from the
price removes the extra work your brain has to
do. 3 bucks? Okay, sure!
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Charm Pricing and Analytical Purchases If
youre putting a lot of thought into your
purchase, thats when youll appreciate seeing
some cents tacked on at the end of a price. It
suggests that the person in charge of pricing was
thinking about their decisions, rather than
tossing out some random number. You can take that
tactic a bit further with this next bit. Prices
that end in 9, 99, or 95 are considered charm
prices. The effectiveness of these prices are
attributed to a few different factors. One is the
magic number 9. Multiple studies have tested
the effectiveness of the number 9 in pricing,
even citing instances where a more expensive item
sold better than a less expensive one, simply
because the number 9 was involved. The other
explanation is that, even though the difference
is only that of one or two cents, the reduction
of the number on the left side of the price
convinces people that it is actually
significantly less expensive. For example, 14.99
can seem like a much better deal than 15.00,
simply because the dollar amount is lower. Limit
choices and try out some price anchoring.
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• Giving your potential clients too many choices
  will either A) send them straight to your
  cheapest package or B) overwhelm them so much
  they decide its not worth it. Coming up with a
  few different package options will keep your
  clients from freaking out and give you a little
  more control over this situation.
• Placing a premium product (more features, more
  expensive) next to a standard one is a great way
  to influence clients even further. Juxtaposing a
  premium product or package so close to a standard
  option emphasizes the value of its benefits and
  helps the cost seem more trivial.
• Think small.
• This might seem basic or entirely too simple, but
  bear with me here. Making the price of your
  product actually seem small is a tried-and-true
  way to help shoppers focus more on the value and
  less on the cost. A few ways you can do that are
• Use a smaller font size to display the cost of
  your services
• Actually use the word small in your copy. For
  a small, onetime fee of
• Describe the value in smaller increments. For
  example, referencing the cost of something per
  day will produce a smaller amount than the cost
  of something per month or per year.

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Remember Be Honest Pricing psychology in
freelancing isnt meant to deceive people. Youre
not making promises you cant deliver or using it
to hide extra fees you simply want to shift a
potential clients focus to the value of your
product, rather than the cost of your
product. With this in mind, whats there to
lose? Hop off that couch and start experimenting
with these psychological pricing hacks you just
might snag enough new clients to buy three extra
gallons of ice cream a month or an actual
session with a psychologist or both. Article
Resource https//www.approveme.com/freelancing/ps
ychological-pricing-hacks-freelance-rate/